If you were an LLC owner, explain if you would choose member-management or manager-management for your venture and state why. Compare and contrast the authority that members possess in a member-managed LLC versus a manager-managed LLC. Explain which authority you believe favors a small business and state why.
Examine the role of contract in the LLC. Elaborate on whether or not you believe freedom of contract should have any limits. Analyze what an ownership interest in an LLC entitles a member to. Imagine you are a member and you wanted to give a portion of your membership to your son. Explain what determines if these ownership interests can be characterized as securities.
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